WHAT DOES THE OPERATING ENGINEERS LOCAL NO. 77 PENSION PLAN MEAN TO ME?
• No weekly deduction out of your take home pay for your pension or health insurance • If you meet the requirements of the Plan, the Operating Engineers Local No. 77 Pension Plan provides you with: • A pension benifit based on 3% of contribution made on you behalf by your employer payable for as long as you live when you retire. • An annuity plan that is set up like a 401k. Under all of our contracts there are employer contributions to this plan. You can choose to add aditional money to this plan out of your hourly wage. If you have an existing 401k you can choose to roll it over into this plan. • Normal retirement at age 65 or upon reaching the 5th anniversary of your participation in the Plan, if later. • Early retirement if you are age 55 or older. • Disability benefits if you become totally and permanently disabled,or become unable to do bargaining unit work and have 15 Years of Service. • The right to deferred pension benefits if you stop working for an Employer after you have 5 y
